Accor announces that it has entered into a share purchase agreement to buy back, in the next few days, a block of seven million of its own shares - representing 2.77% of its share capital - from Jinjiang International, at a price of 39.22 euros per share.

This share buyback, which will thus amount to 275 million euros, is part of the hotel chain's 400 million euro share buyback program for 2024. The remainder of the program will be executed shortly.

Following the transaction and the cancellation of the repurchased shares, Jinjiang International's stake in Accor will be reduced from 7.96% to 5.33%. The transaction will have an accretive effect on EPS of around 1.5% on an annualized basis.

Copyright (c) 2024 CercleFinance.com. All rights reserved.